GOLD CRUDE OIL TALKING POINTS:
- Gold prices sealed in place as US Dollar, Treasury yields diverge
- Crude oil prices still watchful for clarity on OPEC+ outlay quotas
- SP 500 futures spirit during risk-off mood before Trump/Kim meeting
Gold prices continued to symbol time Friday, ripped between opposing cues from rising Treasury bond yields and a retreating US Dollar. The former undermined a interest of non-interest-bearing resources and pressured a yellow steel reduce while a latter bolstered direct for anti-fiat alternatives, charity it support.
Crude oil prices edged lower, oscillating within a operation that prevailed for all of final week as traders weighed adult prospects for an easing of outlay curbs adopted by OPEC-led producers to empty a tellurian supply glut. Saudi Arabia and Russia seem in favor, though other tip exporters – such as Iraq – mount in opposition.
RISK APPETITE SOFT BEFORE TRUMP/KIM MEETING
Looking ahead, SP 500 futures are indicating to a rather risk-off tone. This competence boost breakwater direct for a greenback and Treasury holds alike, weighing on yields and gripping bullion prices anchored. Sentiment-sensitive oil prices corner down alongside bonds though concrete follow-through seems doubtful until after a outcome of Tuesday’s meeting between US President Trump and North Korea’s Kim Jong Un.
Learn what other traders’ bullion buy/sell decisions contend about a cost trend!
GOLD TECHNICAL ANALYSIS
Gold prices continue to deposit along a reduce range of support defining a uptrend started in Dec 2016, now during 1294.38. A daily tighten next that exposes a May 21 low during 1282.27, followed by support in a 1260.80-66.44 area. Alternatively, a move above a top covering of trend support at 1311.75 targets a draft rhythm indicate during 1311.34.
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices continue to negotiate support defining a rising trend in play given Jun 2017. A mangle of this barrier’s reduce boundary, now during 64.97, primarily exposes a Apr 6 low 61.84. Alternatively, a annulment above insurgency in a 66.22-67.36 area opens a doorway for a plea of a 68.64-69.53 region.
COMMODITY TRADING RESOURCES
- See a beam to learn about a long-term army pushing wanton oil prices
- Having difficulty with your strategy? Here’s a #1 mistake that traders make
- Join a Trading QA webinar to answer your commodity marketplace questions
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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